EXHIBIT 12.1

DUQUESNE LIGHT HOLDINGS AND SUBSIDIARIES

Calculation of Ratio of Earnings to Fixed Charges and Preferred and Preference Stock Dividend
Requirements



|                                                                                            |  |                                               |       |      |   |       |  |      |       |      |   |       |  |   |       |  
|------------------------------------------------------------------------------------------- |  | --------------------------------------------- | ----- | ---- | - | ----- |  | ---- | ----- | ---- | - | ----- |  | - | ----- | -
|                                                                                            |  | (Millions of Dollars) Year Ended December 31, |      
|                                                                                            |  | 2006                                          |       | 2005 |   | 2004  |  | 2003 |       | 2002 |  
|Fixed Charges:                                                                              |  |                                               |       |      |   |       |  |      |       |      |   |       |  |   |       |  
|Interest on long-term debt                                                                  |  | $                                             | 64.1  |      | $ | 54.2  |  | $    | 55.2  |      | $ | 53.1  |  | $ | 55.3  |  
|Other interest                                                                              |  |                                               | 5.9   |      |   | 1.0   |  |      | 1.9   |      |   | 10.5  |  |   | 13.2  |  
|Portion of lease payments representing an interest factor                                   |  |                                               | 3.4   |      |   | 3.1   |  |      | 3.9   |      |   | 4.9   |  |   | 3.2   |  
|Dividend requirement (a)                                                                    |  |                                               | 7.9   |      |   | 8.0   |  |      | 6.6   |      |   | 9.5   |  |   | 15.8  |  
|                                                                                            |  |                                               |       |      |   |       |  |      |       |      |   |       |  |   |       |  
|Total Fixed Charges                                                                         |  | $                                             | 81.3  |      | $ | 66.3  |  | $    | 67.6  |      | $ | 78.0  |  | $ | 87.5  |  
|                                                                                            |  |                                               |       |      |   |       |  |      |       |      |   |       |  |   |       |  
|                                                                                            |  |                                               |       |      |  
|Earnings:                                                                                   |  |                                               |       |      |   |       |  |      |       |      |   |       |  |   |       |  
|Income (loss) from continuing operations                                                    |  | $                                             | 8.7   |      | $ | 94.2  |  | $    | 73.3  |      | $ | 79.6  |  | $ | 43.5  |  
|Income taxes                                                                                |  |                                               | 23.4  |      |   | 57.0  |  |      | 30.9  |      |   | 31.7  |  |   | (1.1  | )
|Fixed charges as above                                                                      |  |                                               | 81.3  |      |   | 66.3  |  |      | 67.6  |      |   | 78.0  |  |   | 87.5  |  
|                                                                                            |  |                                               |       |      |   |       |  |      |       |      |   |       |  |   |       |  
|Total Earnings                                                                              |  | $                                             | 113.4 |      | $ | 217.5 |  | $    | 171.8 |      | $ | 189.3 |  | $ | 129.9 |  
|                                                                                            |  |                                               |       |      |   |       |  |      |       |      |   |       |  |   |       |  
|                                                                                            |  |                                               |       |      |  
|Ratio Of Earnings To Fixed Charges and Preferred and Preference Stock Dividend Requirements |  |                                               | 1.39  |      |   | 3.28  |  |      | 2.54  |      |   | 2.43  |  |   | 1.48  |  
|                                                                                            |  |                                               |       |      |   |       |  |      |       |      |   |       |  |   |       |  

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|(a) | Includes annual dividend requirements of $12.6 million for the Monthly Income Preferred Securities (MIPS) for 2002. For 2003, only $6.3 million is included for the period
January 1  June 30. From July 1, 2003 until their redemption in 2004, MIPS dividends were included with interest on long-term debt due to the adoption of SFAS No. 150.
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